Compressed air energy storage (CAES) technology has received widespread attention due to its advantages of large scale, low cost and less pollution. However, only mechanical and thermal dynamics are considered in the current dynamic models of the CAES system. The modeling approaches are relatively homogeneous. CAES power stations have gradually increased the demand for auxiliary services such as frequency modulation mode and voltage regulation mode in addition to the peak regulation mode. Therefore, it is urgent to pay attention to the dynamic response characteristics at shorter time scales. Due to the lack of an accurate and complete dynamic model of the CAES system for multi-scenario adaptation requirements, the development of system optimization design and control technology has been severely limited. The paper establishes a dynamic model of advanced adiabatic compressed air energy storage (AA-CAES) considering multi-timescale dynamic characteristics, interaction of variable operating conditions and multivariate coordinated control. The simulation data is compared with the measured data of the peak regulation, frequency regulation and voltage regulation scenarios of the Jintan Salt Cave CAES (JTSC-CAES). The results show that the deviation of the dynamic model is <7 %, which verifies the validity and accuracy of the proposed AA-CAES dynamic model. The established model and research results provide the theoretical model foundation for dynamic characteristic research, system design and optimization control of the JTSC-CAES.